Most homeowner policies cover the dwelling, other structures on the property, the contents of the dwelling and other structures, and will also pay for living expenses if the primary residence is uninhabitable. Most also provide personal liability insurance.
Homeowner’s insurance was first introduced in the 1950s. Today, most homeowners’ insurance policies are based on forms developed by the Insurance Services Office (ISO) and the American Association of Insurance Services (AAIS). For commercial and personal lines of insurance, ISO provides:
statistical, actuarial, underwriting and claims information and analysis;
consulting and technical services;
policy language;
information about specific locations;
fraud-identification tools;
and data processing for insurers, reinsurers, agents, brokers, self-insureds, risk managers, and insurance regulators and other government agencies.
While some insurers use their own forms, most of these are similar to ISO forms. The most recent homeowners’ insurance policies are based on the Homeowners 2000 Program (HO 2000), which incorporated changes to make the policy more compliant with court decisions and to accommodate changing lifestyles since the last revision in 1991. The rest of the information presented is based on the HO 2000 policies.
Homeowner’s insurance is available for 1- to 4-family dwellings. No more than 2 families or 2 boarders may occupy any single residence. Although homeowner’s insurance is for private residences only, certain businesses can be included, such as day care or home offices established for a business or profession; however, it does not cover professional liability, which should be purchased as a separate policy. There are also different policies for condominium or cooperative owners and renters.
No comments:
Post a Comment